BNY Mellon has appointed Charles Scharf as its new chief executive, signalling a clear shift in becoming a full-fledged digital custodian.
Scharf joins the world’s largest custodian having spent four years as CEO and director at Visa, where he was responsible for “transforming the firm into a technology-driven digital commerce company.”
He will also become chairman of the board for BNY Mellon from January 2018.
Prior to Visa he was managing director of One Equity Partners, JP Morgan’s private investment arm.
He has also held roles with Bank One and Citigroup.
Current BNY Mellon chairman Gerald Hassell will continue in his role as part of the transition until 31 December before retiring.
“Charlie is an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organisations," said Hassell.
“Charlie is ideally suited to lead BNY Mellon through the next phase of growth."
Scharf’s appointment is the latest in a number of technology developments by the world’s largest custodian.
Last month, research from Morgan Stanley revealed BNY Mellon’s usage of blockchain technology was ahead of proof-of-concepts developed by other financial institutions.
According to the report, its blockchain-based platform for US treasury bond settlement- BDS360-has been “up and running internally” since 2016. In addition, Bridget Engle was appointed as senior executive vice president and chief information officer in June, with specific responsibility for setting the strategic direction and executing the technology agenda.
“I have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created,” said Scharf.
“We will continue to put our clients first, remain a strong and trusted partner, and continue on our journey of defining ourselves as the premier technology platform our clients turn to for our capabilities, advice and leadership.”